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Liberalization: The Government of Sri Lanka has removed import restrictions, reduced duty and liberalized imports of rough and cut gemstones. The thirty-eight per cent duty on importing rough colored gemstones has been abolished and the import paperwork and procedures have been simplified. Colored gemstones rough can now be imported without an import licence. The only documentation required is the invoice.
All rough gems' parcels personally carried by any passenger or those which arrive by parcel post or air freight are released after presentation of the three copies of invoice and examination by the official gemmologists at the airport, parcel post office or air cargo office.

Import Duty Reduced: The import duty on polished gemstones has been reduced to 13.5 per cent from thirty-eight per cent. Cut and polished gemstones in commercial quantities Can also be imported without an import licence. The bonding scheme currently in operation f6r'qJrect exporters will be continued and indirect exporters should be registered with the National Gems & Jewellery Authority. Parcels of cut colored gemstones are released to the importer at the airport, parcel post office or air cargo office after inspection by Sri Lanka Customs gemmologists and presentation of three copies of invoice and payment of the duty. The geps are no longer required to be senllo the Sri Lankan Gems & Jewellery Exchange for clearance. The duty on precious metals and precious metal findings has also been reduced to 13.5 per cent. The permission ofthe National Gem and Jewellery Authority is necessary for the import of gold, silver and platinum. The import licence requirement forgold has been withdrawn. The new liberalization measures are intended to enhance the supply of raw material to the local cutting and polishing industry to enable illo meet international demand.

Wider Regional Co-operation: An Indian delegation of the Gems & Jewellery Export Promotion Council (GJEPC) visited Sri Lanka in early 2004 to explore the potential for increasing bilateral precious trade and joint ventures. Wider regional co-operation among neighbouring countries is also being worked out.